(September 9, 2017 at 1:55 pm)chimp3 Wrote:(September 9, 2017 at 12:28 pm)Brian37 Wrote: I have gotten to the point where my house simply needs help or needs to be replaced. Part of me doesn't want to spend the money for a new one. In my view, the damage doesn't seem to be that severe, but it does need a lot of work. I want to go the cheapest rout. The floors in some spots have rotted, the entire bathroom needs to be redone.
Are you going to have to borrow a lot of money to fix this place. I think money is better spent on standard homes that appreciate over time. You can always recoup your most of your investment and sometimes turn a tax free profit.
^^^
Though the financials may make that non-viable.
It's always going to be a depreciating asset so should be evaluated in terms of utility value for the money, over the lifetime of the asset. It might be that buying a new unit makes the most financial sense, it might not, but without reasonably accurate estimates it's guesswork.
